Care Act Guide – Other Benefits

Care Act Guide – Other Benefits

Existing SBA Clients

If you are an existing SBA borrower, you will be eligible for relief as follows:

  • SBA will cover your payment (principal and interest) for a period of 6 months starting with your next payment.
  • Any other loans that you are approved for and are funded by the SBA will have a 6-months deferral where the SBA will cover your principal and interest payment.

Contact your existing SBA lender to inquire on these deferments 

Which loan is better for me

Do you have existing loans or line of credits preventing you from additional borrowing?

Do you have payroll other than yourself?

Please remember these are loans (with the exception of the part that can be forgiven) and you will have to pay these amounts back.

Make sure you only borrow what you really need

Keep the employees that are critical for your business

Other Business Benefits

Payroll Tax Relief

  • Who is eligible: Small business can have Payroll tax deferred throughout year 2020
  • The amount: Employer share of the payroll taxes
  • Conditiont: Employers must keep employees working throughout the shutdown period.
  • Paying back: These amounts are likely to be paid back over 2 years, 50% at the end of 2021 and 50% by the end of 2022
  • What payroll taxes not included: FICA

Independent Contractors

As independent contractor you can still have relief under the CARE Act in many of the programs available. You are eligible to apply for:

  • The Paycheck Protection Program, (PPP)
  • The EIDL loan Economic Injury Disaster Loan
  • Unemployment benefits
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